Binance and South Korea's YG Corporation join forces to create games, the Metaverse, and NFTs
It is expected that the largest crypto exchange will provide technical support while the corporation will offer entertainment content.
Why is it so important?
- The largest cryptocurrency exchange and a multinational entertainment corporation could make a major boost to GameFi and Metaverses
- This news could affect the growth of stocks and digital assets of the two companies.
As reported in the Binance press release, a memorandum of understanding has been signed. This document does not oblige to anything but declares the serious intentions of the parties.
The agreement was reached in technical support from Binance: the games will be developed on the basis of Binance Smart Chain, and a separate team will create the Metaverse. YG Corporation, for its part, will create tokens and entertainment content.
Bo Kyung Hwang, Chief Executive Officer (CEO) at YG, said: “As a Kpop leader, we plan to steadily build an innovative and eco-friendly NFT ecosystem. Collaboration with Binance has provided an opportunity for YG to secure royalties and business opportunities for rare and valuable content. We also hope that it could further strengthen the bond between fans and artists.”
Binance is the world's largest cryptocurrency exchange in terms of trading volume (about $2 billion daily). It was founded in 2017 by Changpeng Zhao, and in a couple of years, it has grown into an entire blockchain ecosystem representing the whole spectrum of cryptocurrency products and services. These include a decentralized exchange (Binance DEX), a public blockchain with fast execution (Binance Chain) with an add-on for smart contracts and Ethereum support (Binance Smart Chain), an infrastructure development fund (Binance Labs), an information website (Binance Info), a training center (Binance Academy), a research center (Binance Research), and a nonprofit organization for achieving sustainable development goals (Binance Charity Foundation).
Trading volume: $27.9 billion.
Number of trading pairs (markets): 1643
Legal status: registered in the Cayman Islands
Fiat currencies: over 43 (including USD, EUR, CAD)